Bitcoin also known as the first decentralized digital payment system is the online digital currency that works without a central repository or single administrator
Bitcoin continues to amaze cryptocurrency traders with a record high of $10,000. This marks a return of 900 percent since the start of the year. This moment is being called a historic moment in the cryptocurrency world. Many people in the cryptocurrency world are calling it the Swiss bank in your pocket. The price of the bitcoin is not just something growing fast but along with the price of the bitcoin, its network is also growing at a tremendous speed. Some people are just joining the network to study the hype and storm that this digital currency has created over the past few months.
Some financial specialists are still considering this digital currency to be in a bubble, which is going to deflate at any time. There has been a word around about the bitcoin being a huge pump and any day now a dump would start causing a massive price crisis in the cryptocurrency world. When we compare bitcoin with other cryptocurrencies in the world, they all seem to be at the prices that are a far cry compared to bitcoin. Ethereum the longtime rival of the bitcoin has not even broken the $1000 USD barrier yet and bitcoin has surged up to $10000 (at the time of writing its official price was $10333 USD).
In other news where many financial specialists were interviewed, there has been a change in the attitude towards the bitcoin by it critics and people with an opinion. A financial specialist spoke at CNBC and said that it is going to be a very important part of the financial system in the coming future. He pointed out to the fact that bitcoin should be considered more than just a currency. He furthered explained that bitcoin is a substitute for gold, which has its own digital value.
Jurrien Timmer declared that bitcoin is moving so fast that the people who are in business with bitcoin are confused on how to keep up with the lightning speed of bitcoin prices going up and down. He declared the cryptocurrencies like bitcoin and ethereum to be game changers but he also declared that it is very difficult to assess that what these commodities are actually worth.
Hedge Fund Manager said in other news that this is the biggest bubble of our lifetimes. Ex-Fortress exec Michael Novogratz said that bitcoin will be a wild roller coaster ride full of “froth and fraud” He was very aggressive about the recent increase in the prices of the bitcoin and said “ Bitcoin could be at $40,000 at the end of 2018 it easily could” and he is not just bullish on bitcoin in the short-term.
Another financial specialist said to be an effective cryptocurrencies for day to day use, the price of bitcoin has to be stable.
Currently, the price of bitcoin is in a strange loop. More and more people are joining the network but there doesn’t seem to be a stable point for the currency so far. We will have to wait and look for what is going to be a moment of clarity for the world.